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China’s National Development and Reform Commission (NDRC) has shed more light on a series of subtle and indirect economic stimulus efforts being pondered at its monthly press conference on November 15 in Beijing, and China’s steel market has sourced great support from these, as many of them relate to steel consumption.
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China’s crude steel production continued to grow over January-October, rising by 7.4% on year to 829.2 million tonnes, but the year-on-year growth was 1 percentage point lower compared with the 8.4% yearly growth recorded for the first nine months, according to the latest statistics released by the country’s National Bureau of Statistics (NBS) on November 14.
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China’s fixed asset investment (FAI) in general grew 5.2% on year to Yuan 51.1 trillion ($7.3 trillion) over January-October, and the growth in the funding in the property sector was recorded at 10.3%, according to the latest release from the country’s National Bureau of Statistics (NBS) on November 14.
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China's crude steel output grew 7.4% on year to about 829 million tonnes over January-October, with the October volume down 0.6% on year to 81.5 million tonnes. A detailed report will be posted soon.
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China's fixed asset investment in general grew5.2% on year to Yuan 51.1 trillion ($7.3 trillion) over January-October, among which the funding in the property market went up 10.3% on year to Yuan 11 trillion. A detailed story will be posted soon.
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Australian coking coal prices have weakened further over the past week, amid deteriorating market sentiment on low restocking needs in China.
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China and the U.S. have agreed to roll back tariffs on each other’s goods in phases “at the same time” and “by the same degree” as part of the “phase one” trade deal if it is to be reached, Gao Feng, spokesman of China’s Ministry of Commerce (MoC) confirmed at the press conference in Beijing on November 7.
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The most traded rebar contract on the Shanghai Futures Exchange (SHFE) for January delivery closed the daytime trading session Tuesday at Yuan 3,434/tonne ($490.6/t), up Yuan 59/t or 1.8% from the settlement price of Monday and marking the biggest intra-day increase in the past 1.5 months, Mysteel Global noted.
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China’s 2020 GDP growth may slow down further to around 5.8% from 6.1% this year, and the investment in property sector is expected to ease next year, Ren Zeping, Chief Economist of Evergrande Group shared his projection on October 31 at Mysteel’s 2019 Steel Value Chain Derivatives Summit in Xiamen, Southeast China’s Fujian province.
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China's October steel PMI hit a 46-month low of 41.3, down 2.9 basis points on month. A detailed report will be posted soon.
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Indian steel prices were down trend during the Week – 43 (19-26 Oct'19) over limited trade activities. As per producers, the market observed short pause amid ‘Diwali’ festive holidays.
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JSW Steel, one of the prominent steel producer in India with an installed steel-making capacity of 18 MnT pa announced its Q2 FY20 results today. Below are the highlights of the conducted conference call.
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According to World Steel Association, Russia’s crude steel production recorded at 5,900,000 MT during the month of Aug'19 as against 6,200,000 MT in July'19.
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China’s economic growth has been declining further mainly due to low rises in investments nationwide especially in the domestic real estate and manufacturing sectors, stated Zhang Liqun, the research fellow of Department of Macroeconomic Research of Development Research Center of the State Council, on the 10th China Ferroalloy Industry Conference 2019 in Hangzhou, East China’s Zhejiang province.
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This week imported HRC offers to Vietnam remain largely stable with minimal fluctuations from India and Russia. Offers from China remained largely stable on a weekly basis.
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China has been shifting steadily towards clean energy consumption, and over January-September, the country’s consumption of clean energy including natural gas, hydro, nuclear solar, and wind power grew 1.2 percentage points on year, according to the latest statistics from the country’s National Bureau of Statistics (NBS).
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The U.S. Commerce Department had issued a final anti-dumping ruling against imports of stainless steel rods from India claiming that the Indian producers and exporters had sold the stainless steel rods below the normal rates in the U.S during the period under review 1 Feb’17 to 31 Jan’18. But the final duty announced by the U.S. is lesser against the preliminary duties imposed in the month of April this year.
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Imported scrap offers to South Asia have moved up following yesterday's hike in Turkey imported scrap prices, SteelMint learnt from industry participants. Many suppliers offered less material or even withheld their offers this week as scrap availability in yards have turned tight, while many participants maintain that amid rising trend, further clarity on price levels will be achieved by early next week.
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Steel export volumes from Iran have reported a sharp hike in sixth month of current Persian year. The country exported around 584,000 MT of steel products during the sixth Iranian calendar month of (August 23-September 22), which is 60% more than the figure of the same month in the past year, IRIB reported on Wednesday citing the data released by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
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The trade war that started between U.S. and China last year with U.S. imposing high tariffs on its steel and aluminium imports has impacted the global environment leading to escalation in trade and geopolitical tensions and closed economies.
